Question: ABC follows the periodic inventory method. It is preparing to adjust its inventory balance as of 1/31/20. Inventory opening balance and purchases were: DATE #

ABC follows the periodic inventory method. It is preparing to adjust its inventory balance as of 1/31/20. Inventory opening balance and purchases were: DATE # PURCHASED UNIT COST TOTAL INVENTORY opening balance 25 100 2,500 1/5/2020 20 120 2,400 1/17/2020 1/20/2020 total before sales 30 110 3,300 20 125 2,500 95 10,700 On 1/25/20 ABC made its only sales for the month: 30 units a. Using the FIFO method, determine the 1/31 balance by changing the table DATE opening balance 1/5/2020 1/17/2020 1/20/2020 #PURCHASED UNIT COST TOTAL INVENTORY 25 100 2,500 20 120 2,400 30 110 3,300 20 125 2,500 total after sales 95 10,700 b. Using the LIFO method, determine the 1/31 balance by changing the table DATE # PURCHASED UNIT COST TOTAL INVENTORY opening balance 25 100 2,500 1/5/2020 20 120 2,400 1/17/2020 30 110 3,300 1/20/2020 20 125 2,500 total after sales 95 10,700 c. What would be the 1/31 inventory balance under the weighted average method ABC follows the periodic inventory method. It is preparing to adjust its inventory balance as of 1/31/20. Inventory opening balance and purchases were: DATE

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